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UK-based retail major Tesco Plc is expected to soon submit the first application for setting up multi-brand retail stores in the country, sources said.
Commerce and Industry Minister Anand Sharma today indicated that the country will receive a proposal for the multi-brand retail store, though he did not name the company. "Before the end of this year, you can see something in the multi-brand sector," Sharma said during a function here.
Sources, however, indicated that Tesco has firmed up its plans and is likely to file the application with the Department of Industrial Policy and Promotion (DIPP).
This will be the first application in the multi-brand retail segment since the announcement of the policy permitting 51 per cent foreign direct investment (FDI).Tesco already has presence in India through a joint venture with Tatas. These stores are located in Mumbai, Bengaluru, Ahmedabad and Chennai.
In May, Tesco CEO Philip Clarke and Trent Ltd Vice-Chairman Noel Tata had met Sharma and sought few clartifications on the policy.
Besides India, the other international markets where the UK retail giant Tesco has presence include Thailand, Poland, Hungary, South Korea, China, Ireland, Malaysia, Slovakia, Turkey, Japan and the US.
